11 December 2020 Foreign

          FUTURESCOIN IS GOING                       GLOBAL

WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq

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E-Mini Dow

Major averages closed on Thursday with a rebound from early lows as investors looked for signs of progress in fiscal stimulus talks to support the economy after labor market data showed a jump in jobless claims.

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Plan A : Remain buy as long as market stays firm above 29899. Targets are 30145 and 30255.

Plan B : Consider sell if market surges but fails to breach above 30255. Targets are 30145 and 29899.

E-Mini S&P 500

Stocks closed little changed on Thursday as lawmakers struggled to push through new fiscal stimulus before year-end. Sentiment was also dampened by the release of weaker-than-expected jobless claims data.

The S&P 500 dipped 0.1% to 3,668.10. Industrials dragged down the S&P 500, pulling back by 0.9%.

The overnight action followed back-to-back losses for the S&P 500 as negotiations over a coronavirus relief deal dragged on. Lawmakers seek to pass a bill before lifelines expire at the end of 2020, but disagreements over state and local stimulus, unemployment assistance and stimulus checks still exist.

Market sentiment on Thursday was also kept in check by the latest U.S. unemployment data.

Initial weekly jobless claims jumped to 853,000 last week, topping a Dow Jones estimate of 730,000. That marks the highest number of initial claims being filed since September and the first time since October that they topped 800,000.

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Plan A : Long only if market doesn't retrace much and supported firm above 3667. Targets are 3685, 3697 and 3718.

Plan B : Short if market failed to support above 3667. Targets are 3641, 3612 and 3589.

E-Mini Nasdaq

Stock futures were flat in overnight trading on Thursday as the future for additional fiscal stimulus remained uncertain.

The Nasdaq Composite outperformed with a 0.5% gain, closing at 12,405.81 as Netflix and Apple each rose more than 1%.

Senate Majority Leader Mitch McConnell’s staff informed congressional leadership offices that Senate Republicans likely would not support a $908 billion bipartisan proposal, according to NBC News. Earlier on Thursday, House Speaker Nancy Pelosi said that bipartisan negotiations were leading to “great progress.”

The House has passed a one-week federal spending extension to avoid a shutdown through Dec. 18 to buy more time to reach a stimulus agreement.

Without fresh stimulus, millions of Americans could lose unemployment benefits in the new year. Meanwhile, weekly jobless claims jumped last week to 853,000, the highest total since Sept. 19, as new lockdown restrictions weighed on businesses amid rising coronavirus cases.

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Plan A : Long if market doesn't retrace much and supported firm above 12370. Targets are 12399, 12432 and 12475.

Plan B : Short if market failed to support above 12370. Targets are 12330, 12288, 12245.

HSI

Hong Kong stocks closed lower on Thursday as Sino-U.S. tensions weighed, though losses were checked by upbeat lending data on the mainland.

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Plan A : Consider sell if market stays below 26509. Targets are 26370 and 26238.

Plan B : Attempt buy if market holds resiliently above 26238 and rebound. Targets are 26405 and 26508.

WTI Crude

Brent oil surged above $50 a barrel on Thursday for the first time since early March as hopes of a faster demand recovery after the release of COVID-19 vaccines offset a huge rise in U.S. crude inventories that showed there was still ample supply available.

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Plan A : Remain buy as long as oil price trades firmly above 46.8. Targets are 47.4 and 47.8  

Plan B : Consider sell only if oil price surges but fails to breach above 47.4. Targets are 46.8 and 46.2

Gold

Gold eased on Thursday as a failure to significantly breach the $1,850 per ounce resistance level prompted technical selling, with persistent overall vaccine-driven optimism also prompting investors to look past weak U.S. jobs data.

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Plan A : Attempt sell if gold price stays below 1854. Targets are 1837 and 1828.

Plan B : Consider buy only if gold price tests support 1829 and rebound. Targets are 1840 and 1854.

Disclaimer: This information is intended to assist professional investors. News are credit courtesy of Reuters, Nasdaq.com, Bloomberg, CNN, Market Watch, FT.com, the Star online, forbes.com, mining.com and CNBC. The information does not constitute investment advice or an offer to invest or to provide management services and is subject to correction, completion and amendment without notice.As with all investments, there are associated risks and you could lose money investing. Prior to making any investment, a prospective investor should consult with its own investment, accounting, legal and tax advisers to evaluate independently the risks, consequences and suitability of that investment.